No wonder this story was suppressed!
McCallum was a company that made stockings, and their advertisements were a series of "suppressed stories," usually involving misunderstandings due to the sheerness of their stockings. In 1929 a leg was somewhat indecent unless it was stocking-clad, as these advertisements point out.
In this case, however, we might get a bit squeamish witnessing a father who is staring at his daughter's legs, for some reason "taking a hand" in the girl's masquerade costume.
All is explained in the text.
Of course she's fully dressed. The old darling just doesn't see well with his reading glasses. But after all, how can you blame him? Fujia 51's are scarcely visible even to younger eyes.Which begs the question why people wore them at all, but anyway.